Companies sold at least $24.8 billion of bonds in the U.S., the busiest day in almost a year, with investment-grade yields at about record lows.
Royal Philips Electronics NV, the world's largest maker of patient-monitoring systems, issued $1.5 billion of debt in two parts yesterday, according to data compiled by Bloomberg. Bombardier Inc., the Montreal-based maker of aircraft and rail equipment, sold $500 million of 5.75 percent 10-year notes. DirecTV, the biggest U.S. satellite television service, sold $4 billion of bonds in a three-part issue.
Europe's fiscal crisis has stoked demand for the perceived safety of dollar-denominated investments from fund managers wagering that global banking system strains won't curb U.S. economic growth. Sales yesterday were the most since March 22, 2011, when $24.9 billion of bonds were sold in the U.S., Bloomberg data show.
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